Cape condo sales and median prices up, supply mixed

September 8, 2017

The numbers for the Cape Coral condominium market are tracking on similar trend paths as our single-family home market through the first 7 months of 2017, with solid overall results. The number of condo units sold, along with the average year-to-date median sales prices are both higher across the board, but there is a clear divergence between the various property types when it comes to the supply of unsold condos listed for sale on our market.

As you will see in our condo market breakdown below, this is why it is important for both buyers and sellers to analyze the Cape Coral real estate market trends by specific property types, or segments. By having this more specifically accurate market information, they will be more likely to make better price estimates of their property to maximize the value received.

The total number of all Cape Coral condominiums sold year-to-date, through July 31, is up 11.23 percent with an average of 59.43 units sold per month, compared to an average of 53.43 sold per month over the first 7 months of 2016. In July, there were 57 units sold, up 26.67 percent, compared to the 45 total condo units sold in July 2016, and 14 percent higher than the 50 units sold in June of this year.

The 2017 year-to-date median sales price for all Cape Coral condominiums, has averaged $149,714 per month through July 31, or 8.26 percent higher than the average of $138,286 per month over the first 7 months of 2016. In July, the median sales price for all Cape condos was up 18.46 percent to $154,000 versus $130,000 in July 2016, but down 10.47 percent from $172,000 in June of this year.

The total monthly supply of all unsold Cape Coral condos dropped to 6 months in July, down 25 percent from 8 months in July 2016, and 14.29 percent lower than the 7 months of supply in June of this year. Through July 31, the year-to-date unsold supply of all Cape Coral condos has remained in a neutral market with an average supply 6.86 months, or 2 percent lower than the 7 months of supply over the first 7 months of 2016.

Gulf access canal condos

The number of Cape Coral gulf access canal condominiums sold year-to-date, through July 31, is up 10.28 percent with an average of 27.57 sold per month, compared to an average of 25 sold per month over the first 7 months of 2016. In July, there were 28 units sold, up 55.5 percent, compared to the 18 gulf access condo units sold in July 2016, and 16.67 percent higher than the 24 units sold in June of this year.

The 2017 year-to-date median sales price for Cape Coral gulf access canal condominiums, has averaged $188,429 per month through July 31, or 14.55 percent higher than the average of $164,500 per month over the first 7 months of 2016. In July, the median sales price for gulf access condos was up only 1.52 percent to $167,500 versus $165,000 in July 2016, and down 37.15 percent from $266,500 in June of this year.

The supply of unsold Cape Coral gulf access condos dropped to 7 months in July, down 41.6 percent from 12 months in July 2016, and 22.2 percent lower than the 9 months of supply in June of this year. Year-to-date, through July 31, the unsold supply of gulf access condos has been stuck in a neutral market with an average supply 8.86 months, or 5.1 percent higher than the 8.43 months of supply over the first 7 months of 2016.

Sailboat access canal condos

The number of Cape Coral sailboat access canal condominiums sold year-to-date, through July 31, is up 21.42 percent with an average of 14.57 sold per month, compared to an average of 12 sold per month over the first 7 months of 2016. In July, there were 18 units sold, up 100 percent, compared to the 9 sailboat access condo units sold in July 2016, and 12.5 percent higher than the 16 units sold in June of this year.

The 2017 year-to-date median sales price for Cape Coral sailboat access canal condos, has averaged $205,936 per month through July 31, or 7.2 percent higher than the average of $192,093 per month over the first 7 months of 2016. In July, the median sales price for sailboat access condos was down 17.2 percent to $188,750 versus $228,000 in July 2016, and down 38 percent from $305,000 in June of this year.

The supply of unsold Cape Coral sailboat access condos dropped to 8 months in July, down 42.86 percent from 14 months in July 2016, and 12.5 percent lower than the 9 months of supply in June of this year. Year-to-date, through July 31, the unsold supply of sailboat access condos is locked in a buyer's market with an average supply 12.57 months, or 23.96 percent higher than the average supply of 10.14 months over the first 7 months of 2016.

Dry lot condos

The number of Cape Coral dry lot (non-canal) condominiums sold year-to-date, through July 31, is up 13.16 percent with an average of 27 sold per month, compared to an average of 23.86 sold per month over the first 7 months of 2016. In July, there were 25 units sold, up 8.7 percent, compared to the 23 dry lot condo units sold in July 2016, and flat with the 25 units sold in June of this year.

The 2017 year-to-date median sales price for Cape Coral dry lot condominiums, has averaged $119,926 per month through July 31, or 18.8 percent higher than the average of $100,950 per month over the first 7 months of 2016. In July, the median sales price for dry lot condos was up 31.9 percent to $124,000 versus $94,000 in July 2016, and up 14.8 percent from $108,000 in June of this year.

The supply of unsold Cape Coral dry lot condos dropped to 5 months in July, down 16.67 percent from 6 months in July 2016, and flat with the 5 months of supply in June of this year. Through July 31, the year-to-date unsold supply of dry lot condos was in the higher end of being in a seller's market with an average supply 5.29 months, or 13.84 percent lower than the average neutral market supply of 6.14 months, over the first 7 months of 2016.

(The July 2017, sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Sept. 4, 2017, and it was compiled by Bob and Geri Quinn. It includes information specifically for Cape Coral condominiums, villas, and townhouses, and it does not include single family homes, foreclosures, or short sales. The data and statistics are believed to be reliable, however, they could be updated and revised periodically, and are subject to change without notice. The Quinns are a husband and wife real estate team with Century 21 Birchwood Realty Inc., in Cape Coral. They have lived in Cape Coral for over 37-years. Geri has been a full-time Realtor since 2005, and Bob, who also holds a Certified Financial Planner designation, joined with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)